Prasanna’s journey is nothing short of inspiring—a true lesson for entrepreneurs about resilience and rising from the ashes. Starting his career early, Prasanna Devadiga organized events in his teenage years and later became a prominent figure in the telecom business, earning the title of the “The Young Innovator: Excellence in Entrepreneurship Award” in Mangalore, Karnataka. After completing his studies, he took charge of his family office before venturing into the telecom market, dominating the region for years. In 2002, he moved to Mumbai, where he initially worked in IT distribution and the insurance sector.
By 2006, he had joined a leading private bank, where his stellar performance earned him numerous awards. He also made headlines for his contributions to society, particularly in spreading awareness about female Foeticide.
In 2012, Prasanna embarked on his entrepreneurial journey by launching DeWallet, a startup designed to address gaps in the borrowing market. However, by 2016, he was forced to close the business due to adverse conditions, losing all his savings in the process. To support his family, Prasanna had to rejoin the workforce. Reflecting on this challenging period, he said, I burned through a lot of cash trying to diversify risk because we strayed from the original business plan and expanded too quickly.
I fought hard because giving up isnt in my nature, but from Plan A to Z, everything went wrong. Without proper support and a robust startup ecosystem at the time, I had no choice but to wind up the business.” Prasanna, known for his strong ethics and resilience, has successfully forged a remarkable career in the fintech industry. He pioneered innovative products, including the worlds first commercial video bot , loan chatbots, quick EMI journeys, and B2B,B2C,D2C apps. His quick learning ability and creativity, coupled with experience in large organizations, have equipped him to skillfully navigate complex initiatives.
Drawing on the resilience gained from his past experiences, Prasanna now emphasizes the importance of avoiding cash burn and bootstrapping in startups. Focus on the product,” he advises. Build something that fills a gap in society. If the product is strong, it will sell itself—you dont need to worry.” In a recent interview, he added, Looking back, I realize that building a business isnt that hard. You just need to find your path in this crowded place and surround yourself with good people.”
An alumnus of the Kellogg School of Management, with a blend of technology expertise, experience in retail and MSME loan distribution, fintech models, and deep knowledge of the BFSI market, Prasanna is now setting his sights on achieving a monthly retail loan distribution of 3,000 crore. His journey stands as a powerful testament to the importance of resilience, focus, and perseverance in the face of adversity. Lets wish him success and draw valuable lessons from his remarkable journey.
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